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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "The valuation bridge uses a waterfall-bridge chart to show value creation from $103 to $183 (base) and then to $350+.",
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      "text": "If Phillips 66 is able to execute the \"Marathon Path\"(1) the stock price could increase to $350+",
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      "text": "Operating Review: Commit to ambitious refining targets reflecting best-in-class performance, Target refining EBITDA per barrel in line with VLO / MPC on a like-for-like accounting basis",
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      "text": "Streamline Portfolio: Form a special committee to review portfolio options, including a spin or sale of Midstream and separating other non-core assets, Immediate course of action should consider current challenging market conditions",
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      "text": "Enhance Oversight: Add four new independent directors, Review management with a focus on refining operations, Implement annual director elections for entire board",
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      "text": "Source: Bloomberg as of 4/23/25. Note: Estimated potential upside based on indicative valuation calculations presented in the appendix. (1) Required assumptions for \"Marathon Path\" scenario can be found in appendix.",
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